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SSC CGL 2022 PYQ — Question 50

SSC CGL - 11 April 2022 - Shift 2 • General Awareness • Q50

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In February 2021, the Finance Minister of India announced the setting up of a Dispute Resolution Committee (DRC) for taxpayers with taxable income up to ______ and disputed income up to ______.

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Correct answer: D

Explanation

The correct answer is option 4 i.e. ₹50 lakh, ₹10 lakh.

  • In February 2021, the Finance Minister of India announced the setting up of a Disputes Resolution Committee (DRC) for taxpayers with taxable income up to 5 lakh and disputed income up to 10 lakh.
  • The Finance Minister has proposed the constitution of a Disputes Resolution Committee (DRC) in Budget 2021 to provide quick relief to taxpayers in case of tax disputes.
  • This committee will be constituted under a new section 245MA of the Income Tax Act.
  • The DRC will resolve the taxable income of small taxpayers up to Rs 50 lakh and disputed income up to Rs 10 lakh.